Boston, MA -- (SBWIRE) -- 10/10/2013 -- Drilling fluids and completion fluids are essential tools for conducting any drilling and exploration activities. They are used to avoid friction, provide lubrication, cool the wellbore, and transport rock cuttings to the surface. Every drilling activity requires drilling and completion fluids and they are used extensively across the globe. Drilling and completion fluids use different types of base fluids such as water-based systems, oil-based systems, synthetic-based systems, and other based systems. The use of drilling fluids and completion fluids base depends on the cost of the fluid, the desired performance, and environmental impact. The drilling and completion fluids market is directly dependant on drilling activities carried across the globe. Recent increase in oilfield discoveries and rise in drilling activities will drive the drilling and completion fluids market over the next five years. The increasing world energy demand and rise in population are putting pressure to drill at high depths and enter deep and ultra deep waters. These factors have been major drivers for the drilling fluids and completion fluids market.

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The global drilling fluids and completion fluids market is segmented on the basis of their application areas that include onshore and offshore applications. Secondly, the global drilling and completion fluids market is also segmented on the basis of type of base fluids such as water-based systems, oil-based systems, synthetic-based systems, and other based systems. Lastly, the market is segmented on the basis of regions such as North America, Asia-Pacific, Europe, Latin America, Africa, Middle East, and Rest of the World (ROW). Each segment has been analyzed with respect to its market trends, growth trends, and future prospects. The data has been analyzed from 2011 to 2018, and all quantitative data regarding segmentation is mentioned in terms of value ($Million).

Huge market with estimated global revenue of $15.2 billion by 2018
The global drilling fluids and completion fluids market is expected to reach $15.2 billion by 2018, growing at a CAGR of 7.5% from 2013 to 2018. The critical factors responsible for the growth of the drilling and completion fluids market include growth in drilling activities globally, rise in deep drilling activities onshore and offshore, discoveries of new CBM and shale reserves, and emergence of nanotechnology. The key concerns in the industry pertain to the environmental impacts and damages to eco system due to discharge of highly toxic chemicals.

DRILLING FLUIDS AND COMPLETION FLUIDS MARKET: BY REVENUE, 2011 - 2018

Source: MarketsandMarkets Analysis

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